HERITAGE PLUS FINANCIAL, INC. - An Alliance of Professionals - Income Tax, Business, Financial, Legal

Heritage Plus Financial, Inc.
13211 Jones Road
Houston, TX  77070
Office: (281) 894-0499
Fax: (281) 890-1329

Business Entity Establishment
       
     

Establishing a new business entitySelecting the right form of entity for your business before legal entity establishment is a critical decision which may have long-term tax implications, positive or negative.  Let us help you make the right choice for the most advantageous form for your company:  LLCs, LLPs, LPs, PLLCs, PCs, corporations (C corp or S corp), general partnerships, and sole proprietorships.

It’s only the beginning of great things to come… start out on the right path.

With a keen professional eye on your very explicit situation TO HELP GUIDE YOU, we will:

  • Select a business entity that is most beneficially suited for your protection and needs by evaluating tax advantages, income distributions, and ease of operations.
  • Prepare and file all required state and local licenses and permits
  • Prepare and file your application for your Federal Employer Identification Number
  • Establish your business as a legal entity
  • Offer unlimited consultations in regard to your business start-up questions such as Authorized Agent, stocks issued, bylaws, board of directors, etc.     

Be Mindful… it could all be good news from this point forward.

Business Forms of Organization
  • There are ways to avoid the "corporate double tax"
  • Some business entities are “passthrough” to save on overall taxes
  • A change in form of entity has a possibility of no federal tax consequences 

REcord Keeping

For my business, what types of records are important to keep?
A crucial aspect of your business success is thorough and accurate financial record keeping. Accurate records help to provide information to operate efficiently as well as allow you to identify all your business assets, liabilities, income and expenses. This data will help you locate both strong and weak cycles of your business.

It is necessary to keep good records to prepare current financial statements like income statements and cash flow projections. They will also help you maintain a good relationship with your banker. The records will even ensure you don't overpay or underpay your taxes. During an Internal Revenue Service audit, it is crucial to have good records in order to properly answer the questions and satisfy the IRS.
Financial records should demonstrate how much income you are currently making as well as what you expect to generate in the future. They will indicate the number of accounts and their balances in accounts receivable. They will also inform you of what you owe in terms of utilities, rent, merchandise, and equipment, and even expenses such as advertising, payroll, payroll taxes, equipment and facilities maintenance, and benefit plans for yourself and employees. Good records will show how much cash is being used for inventory and how much is on hand. They should also indicate which of your products are making a profit as well as your gross and net profit.

Please see our full Services section to see how we may fully assist you.  These records will become the base for your financial statements and tax returns.